Source Investment Banking Practice View

Xi' an nova nebula technology co., ltd. (hereinafter referred to as "nova nebula") applied for the gem IPO on December 27, 2021, passed the deliberation of the municipal party Committee meeting on August 18, 2022, and finally successfully listed on February 8, 2024. the project lasted more than 2 years from application to listing:

However, although the project has gone through a long time, as a highly profitable IPO company, the sponsorship and underwriting fees brought by the project to the sponsor Minsheng Securities are still quite high:

but obviously judging from the stock price trend of Nova nebula after listing, the return of Minsheng securities is not only as simple as 95 million yuan of sponsorship and underwriting fees. according to the announcement data, more than 52 million yuan of shares have been abandoned by investors:

These investors are estimated to be regretful after seeing the stock price trend of Nova Nebula in the first two trading days. This is really missing a big red envelope for the New Year.

because Nova nebula's issue price of 126 yuan was issued, but the stock price on the first day of listing went directly to 384 yuan. if Minsheng securities underwriting investors abandoned the shares and sold them according to 380 yuan, Minsheng securities would have received a profit of up to 0.1 billion yuan, which was higher than the sponsor underwriting fee!!!

in fact, a hindsight. when I saw the issue price of nova nebula 126 yuan, I felt that the absolute amount was indeed quite high, but I vaguely felt that nova nebula's share price would still be high.

Why do you say that, because the issue price of Nova Nebula 126 yuan seems to be relatively high, but in fact the corresponding issue price-earnings ratio is really very low, lower than the industry price-earnings ratio and the average price-earnings ratio of comparable companies, or even lower. many:

In the end, it is true that Nova Nebula shares have risen continuously in at least the first two trading days:

The fact that Nova Nebula's share price can rise like this has a lot to do with the good performance expectations disclosed before its listing:

not only will the full-year results be disclosed immediately in 2023, but even in the first quarter of 2024, Nova Nebula expects a fairly good performance trend:

Because of this, even if the stock price has risen to this point, Nova Nebula's price-to-earnings ratio and other valuation indicators are still not high:

Nova Nebula thus became not only the first super meat sign in 2024, but also the new stock with the highest new returns for investors in the past two and a half years. Based on the closing price on the first day, the shares (688766.SH) listed on August 23, 2021 earned 168100 yuan on the first day of listing.

the most profitable new stock in 2021 is jimi technology (688696.SH), with a floating profit of 198100 yuan on the first day of the first ticket among investors.

the most profitable new stock in 2022 is jardine (301367.SZ), with a floating profit of 85060 yuan among investors.

the most profitable new stock in 2023 is yutai micro-U(688515.SH), with a floating profit of 70240 yuan among investors.

since 2024, a total of 19 new shares have been listed. before nova nebula, the most profitable new shares were belon precision (301567.SZ), with investors signing a single floating profit of 20605 yuan.

Of course, many of the stocks listed above follow-up stock price trend is not good, after all, the stock price is certainly also and performance has a strong correlation, once the company's performance is no longer high-speed growth, the stock price fall back is also natural.

Shanghai hejing, which also landed on the sco board on February 8, issued a price of 22.66 yuan. However, the stock broke shortly after the opening, and the lowest intraday fell to 17.80 yuan. Although the stock price rebounded, as of the close, the stock was reported to 21.23 yuan, down 6.31 per cent. If calculated according to the lowest intraday price, the highest floating loss among investors is 2430 yuan, and if calculated according to the closing price, the investor will sign a single floating loss of 715 yuan.

Shanghai Hejing and Nova Nebula went public on the same day, and their stock prices are very different. On the one hand, there must be differences in the industry attributes of the two sides. On the other hand, the financial data disclosed by Shanghai Hejing show that the company's performance has entered a downward channel, while Nova Nebula is still in a period of rapid performance improvement. In contrast, Shanghai Hejing definitely does not have that much room for investors to imagine.

Summary

SPRING FESTIVAL

as a practitioner, I really envy the vision of Minsheng securities and the luck of the project team to encounter such an IPO project. As a colleague, the author is deeply touched and envied by his real name. The success of an IPO is really indispensable to right time, right place, with right people.:

the author preliminarily estimates that Nova Nebula will bring more than 200 million returns to Minsheng Securities, which is closely related to the timing of the sponsor's declaration and the degree of enterprise standardization.